Did Joe Biden Just Hand the Election to Trump?

Did Joe Biden Just Hand the Election to Trump?

I’ve lived in America for 37 years. And one thing I’ve learned about my fellow Americans is that we love our freedom.

Any time you tell us we can’t do something. Well guess what?

We will find a way to do it.

Anyone who has spent any amount of time around Americans knows this to be true. So, you’d think a politician who has spent the last 51 years of his life in U.S. politics would’ve figured that out.

That’s why I was shocked when President Biden chose to ignore the financial freedom of 50 million American crypto holders by vetoing the repeal of Special Accounting Bulletin (SAB) 121.

As a quick reminder, SAB 121 is a special accounting bulletin put forward by the Securities and Exchange Commission (SEC) that effectively bars banks from holding crypto assets on behalf of their clients.

Let me be clear…

I’m not talking about banks taking positions in crypto for their own benefit. I’m talking about them simply holding crypto on behalf of their clients.

This type of business is called “custody” and it’s risk free. Yet SAB 121 makes it so that if a bank wishes to hold crypto assets for a client… the bank must post an equal amount of collateral from its own balance sheet

(I’ve discussed this SAB 121 in detail right here.)

This is an insane request when the bank is taking no investment risk. This standard is only being applied to crypto assets and has been clearly designed to slow the adoption of crypto by the U.S. financial system.

This isn’t the first time we’ve seen governments and organizations stand in the way of progress.

The Luddites were members of a movement of English textile workers who opposed machines. They became well-known during the 19th century for smashing mechanized looms they believed threatened their jobs.

Hence, “Luddite” became a term used to describe people who opposed new technologies.

We saw this happen at the turn of the 20th century against the automobile. Thousands of people didn’t want to trade in their horses for “horseless carriages.”

Some cities passed “red flag” laws that required a person to walk in front of cars waving a red flag. But eventually, those naysayers adopted the automobile. And companies like Ford and General Motors became industry giants.

Today, there are still Luddites on Capitol Hill. These politicians call for greater regulation of crypto to protect consumers and prevent crime.

Now, I’m sure some politicians sincerely believe this.

But I believe the real reason they oppose crypto is because they see it as a threat to their control over the money supply.

Here’s why: